Cool, there’ll be even more money sloshing around Europe with nothing to do. pic.twitter.com/7RxuLTcZSr
— The Man in the Black Pyjamas (@pyjamas_black) September 12, 2019
ECB chief Mario Draghi (front centre) addressing a joint Oireachtas committee yesterday
With an average interest rate of 3.15% compared to a Euro zone average rate of 1.77%…
…Mario Draghi, head of the European Central Bank – addressing the Oireachtas Finance Committee – described the lending market here as being in a ‘monopoly or quasi-monopoly situation’.
…The ECB chief also rejected suggestions that the bank presses member state lenders to dispose of non-performing loans in fire sales.
He was responding to Sinn Fein’s Finance spokesman Pearse Doherty who asked if the ECB was pressuring banks to sell NPLs onto vulture funds.
Mr Draghi said the ECB didn’t have a preference as to how the banks reduce their problem loan levels. He said they have to examine the details of all proposals, including, as Mr Doherty suggested, a NAMA-type arrangement for the purchase of NPLs from the banks.
Mr Doherty said the high level of non-performing loans here was a legacy of the refusal of the ECB to allow the government to burn bondholders, which cost the Irish people dearly.
Mr Draghi said he did not want to engage in a reconstruction of the past.
Yesterday: Draghi Into The Light
We were pushed into a bailout to save the European Banking System
I would like to see an European Central Bank with democratic control rather than an illusion of Independence, in reality it means it acts to benefit the big banks. @paulmurphy_TD#Dail #rtept pic.twitter.com/fmPfxcA4dk
— Mick Caul (@caulmick) November 8, 2018
Paul Murphy TD grills the European Central Bank’s Mario Draghi over the bailout and his predecessor’s threat to the late Finance Minister Brian Lenihan during an appearance by the ECB chief at a Joint Oireachtas Finance Committee meeting.
The Irish economy has seen a particularly strong expansion in recent years. Ireland is now growing at the fastest pace of any euro area country,” he said.
“Unemployment has been falling too, and now stands well below the euro area average.
“This is all the more impressive given the severe crisis Ireland went through and the legacies it is dealing with, including high private debt and arrears.”
He said policies need to put in place to protect the exchequer and deal with “legacy vulnerabilities” in the system – especially the level of non-performing loans.
@JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issues at Unicredit. "you have to look at the people". He's demanding recognition for Jonathan Sugarman. Fair play. pic.twitter.com/RVDbHFLkZl
— NAMAwinelake (@namawinelake) November 8, 2018
The Department of An Taoiseach, this morning.
Richard Chambers writes:
Squint a little and it could be Athens..
Grand day for it in fairness.
A call to make your holidays in Greece this Summer.
Possible subliminal message on Sky News Greece report last night (on the wall on the very right; not extreme right)…
Greek parliamentary inquiry “we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious”
— Paul Mason (@paulmasonnews) June 17, 2015
Frankfurt, Germany this morning.
The organisers, a group called Blockupy – named after the Occupy Wall Street movement in 2011, estimated that about 10,000 demonstrators were at the rally. Thousands came into the German financial capital from other parts of Europe.
“Our protest is against the ECB, as a member of the troika, that, despite the fact that it is not democratically elected, hinders the work of the Greek government. We want the austerity politics to end,” Ulrich Wilken, one of the organizers, said. “We want a loud but peaceful protest,” he told Reuters.
Greek Prime Minister Alexis Tsipras and finance minister Yanis Varoufakis
Germany and its allies are ready to let Greece leave the euro unless Prime Minister Alexis Tsipras accepts the conditions required to extend his country’s financial support, according to Malta’s finance minister, Edward Scicluna.
Greece’s creditors are cranking up the pressure on Tsipras as he seeks a deal to prevent his country defaulting on its obligations as early as next month. By bowing to German demands, the premier risks a domestic backlash from voters and party members whom he’s promised an end to austerity.
As Greece heads toward 11th-hour funding talks with its euro-area membership on the line, bondholders are surprisingly sanguine about its failure so far to secure a deal.
Forget the strategists at Commerzbank AG who say there’s a 50 percent chance it’ll leave the currency bloc, and those at Barclays Plc who put the exit risk higher even than in the 2012 debt crisis. The Bloomberg Greece Sovereign Bond Index shows those with money at stake aren’t seeing a significant increase in the chances of a euro-zone departure….